1787 Fugio Cent MS 64 Red and Brown PCGS. STATES UNITED. Pointed
Rays. Newman 13-X, R.2. Glossy brown with considerable luster
remaining. The strike is soft as one might expect and there are few
post-striking impairments. There is evidence of die clashing on the
obverse. Most of the Mint State examples of this type, as well as
several other types, came from the New York bank hoard. In 1788, a
keg of Fugio cents was deposited in the Bank of New York. The keg
remained unopened until 1856. From 1856 until, at least, the late
1950s, bank officers distributed coins from the keg to VIPs and
favored depositors. Many consider the Fugio issues the first true
American coinage, as Congress passed a resolution, on April 21,
1787, authorizing the production of a Fugio coinage. After
considerable behind the scenes manipulation, James Jarvis won the
contract and produced the coinage. Population: 8 in 64, 0 finer
(6/99). Listed on page 63 of the 1999 Guide Book. (PCGS# 884)